A New Jersey man has admitted to federal prosecutors that he used his standing within his Orthodox Jewish community to defraud investors out of more than $47 million with a Ponzi-like scheme and now faces a suit from the U.S. Securities and Exchange Commission over the conduct.
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FRIDAY, AUGUST 14, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

NJ Man Admits To $47M Ponzi Scheme In Jewish Community

By Sydney Price

A New Jersey man has admitted to federal prosecutors that he used his standing within his Orthodox Jewish community to defraud investors out of more than $47 million with a Ponzi-like scheme and now faces a suit from the U.S. Securities and Exchange Commission over the conduct.

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3rd Circ. Upholds Dismissal Of Lipitor Pay-To-Delay Case

By George Woolston

The Third Circuit on Thursday backed the dismissal of an antitrust suit alleging Pfizer Inc. and Ranbaxy Laboratories Ltd. conspired to delay the market entry of a generic version of the cholesterol drug Lipitor, ruling that the plaintiffs lacked standing.

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NJ Sen. Seeks AG Probe Of Seton Hall After BigLaw Report

By Jake Maher

A New Jersey state senator called on the state attorney general's office this week to launch a new, independent investigation into Seton Hall University after a recent investigation by Ropes & Gray LLP cleared the school's president of wrongdoing regarding sexual abuse allegations within the Roman Catholic Archdiocese of Newark.

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Nike Agrees To End Appeal Of TM Fee Award At 3rd Circ.

By Adam Lidgett

Clothing-maker Lontex Corp. and Nike Inc. have agreed to put an end to their battle over a lower court's finding that the sportswear giant had to pay attorney fees in a trademark case, asking the Third Circuit to undo a decision that the case was exceptional.

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States Say DOT Illegally Sought 17M CDL Driver Records

By Jared Foretek

A group of 21 Democratic-led states and the District of Columbia accused the Trump administration on Thursday of illegally pressuring a nonprofit commercial driver database operator to hand over millions of Social Security numbers for immigration enforcement by threatening to cut funding for noncompliance.

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THIRD CIRCUIT

3rd Circ. Agrees Exec's Rudeness Can't Uphold Race Bias Suit

By Grace Elletson

The Third Circuit backed the dismissal of a Black biomedical factory director's race bias suit claiming a safety inspector targeted him with unnecessary audits out of discrimination, finding Thursday that the inspector's prickly personality did not amount to illegal conduct.

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Brief

NJ Takes Labor Peace Pact Fight In Pot Case To 3rd Circ.

By Sam Reisman

New Jersey cannabis regulators filed a notice Thursday that they would appeal a federal court's recent ruling that a state rule requiring marijuana businesses enter into labor peace agreements with unions in order to secure a license is preempted by federal law.

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EXPERT ANALYSIS

Series

Going To Hardcore Shows Makes Me A Better Lawyer

While government contracts law and the hardcore scene may seem entirely unrelated, in my experience, both are about community, focus, being prepared for the unexpected and managing chaos, says Isaac Natter at Fluet.

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LEGAL INDUSTRY

Anti-DEI Group Asks FTC To Probe Law Fellowship Program

By Dorothy Atkins

An advocacy organization against diversity, equity and inclusion initiatives filed an antitrust complaint with the Federal Trade Commission Wednesday, accusing Sponsors for Educational Opportunity of engaging in anticompetitive practices by allegedly colluding on DEI metrics and falsely advertising its program.

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Baker Botts Atty Cleared Of Defamation In Inventor's Suit

By Carolina Bolado

A Florida federal judge on Thursday tossed a defamation claim against a Baker Botts LLP patent attorney after agreeing with a magistrate judge's conclusion that an inventor had not shown that the lawyer's comments to a reporter were defamatory.

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NYC Bar Committee Calls For Nationwide AI Rules Framework

By Andrea Keckley

A New York City Bar Association committee concluded in a policy paper published Wednesday that artificial intelligence tools "may assist legal work but cannot substitute for professional legal judgment," calling for a national framework to be built into the Model Rules of Professional Conduct governing its use.

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Trump Picks Ex-Arkansas SG, Walmart Lawyer For 8th Circ.

By Courtney Bublé

President Donald Trump has announced that he's looking to elevate Judge Lee Rudofsky of the Eastern District of Arkansas to the U.S. Court of Appeals for the Eighth Circuit.

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State Farm Attys Admit Filing Motions Full Of AI Hallucinations

By Jonathan Capriel

A law firm representing State Farm has admitted that its pretrial motions contained citations to nonexistent cases and legal quotes, errors that were seemingly "hallucinations" generated by AI software designed for lawyers and caught by the plaintiff's attorneys as they prepared for trial in a California state court case about fire damage coverage.

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Brief

DOJ Fraud Division To Reach 500 Staffers This Month

By Courtney Bublé

By the end of the month, there will be about 500 attorneys and staff in the U.S. Department of Justice's new fraud division, with more to come as time goes on.

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JP Ward Attorney Exodus Delays Pa. Labor Trafficking Suit

By Matthew Santoni

A "staffing disruption" at the Pittsburgh law firm J.P. Ward & Associates led the firm to request a stay of a labor-trafficking case against hotels in Pennsylvania and West Virginia, after the firm was reduced to one attorney and two staff members, according to court filings.

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LAW FIRMS IN TODAY'S NEWS

Alan L Frank Law

Alston & Bird

Avyno Law

Baker Botts

Berger Montague

Comber Miller

Cooley LLP

Covington & Burling

Cravath Swaine

Cummins & White

DLA Piper

Debevoise & Plimpton

Fluet & Associates PLLC

Foley Hoag

Gupta Wessler

Hangley Aronchick

J.P. Ward & Associates

Jones Day

Kirkland & Ellis

Latham & Watkins

Morgan Lewis

Musick Peeler

Patterson Belknap

Proskauer Rose

Quinn Emanuel

Ropes & Gray

SML Avvocati

Seyfarth Shaw

Troutman

Twersky PLLC

Wachtell Lipton

White & Case

Williams & Connolly

WilmerHale

COMPANIES IN TODAY'S NEWS

Allegheny Health Network

American Association of Motor Vehicle Administrators

CVS Health Corp.

Curaleaf Holdings Inc.

FTI Consulting Inc.

LinkedIn Corp.

New York City Bar Association

Nike Inc.

Pfizer Inc.

Ranbaxy

Roman Catholic Archdiocese of Newark

Sponsors for Educational Opportunity Inc.

Starbucks Corp.

Sun Pharmaceutical Industries Ltd.

Verano Holdings LLC

Walmart Inc.

Wyndham Hotels & Resorts Inc.

GOVERNMENT AGENCIES IN TODAY'S NEWS

Equal Employment Opportunity Commission

Federal Acquisition Regulatory Council

Federal Motor Carrier Safety Administration

Federal Trade Commission

Food and Drug Administration

Illinois Attorney General's Office

Los Angeles Superior Court

Massachusetts Supreme Judicial Court

U.S. Attorney's Office for the District of New Jersey

U.S. Court of Appeals for the Eighth Circuit

U.S. Court of Appeals for the Third Circuit

U.S. Department of Defense Office of General Counsel

U.S. Department of Homeland Security

U.S. Department of Justice

U.S. Department of Transportation

U.S. District Court for the District of Columbia

U.S. District Court for the District of New Jersey

U.S. District Court for the Eastern District of Virginia

U.S. District Court for the Southern District of Florida

U.S. District Court for the Western District of Pennsylvania

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court